September Sales Surge 13.3% from Last Year
October 15, 2019
The Des Moines Area Association of REALTORS® (DMAAR) reports a nice surge in sold properties with sales up 13.3 percent from a year ago.
1,182 residential properties were sold last month while 1,043 were sold in September 2018. This increase was the largest so far in 2019 when comparing the current month to the same month last year.
Median sale price was up 6.2 percent from September 2018. The median sale price came in at $215,000 last month.
Properties are selling slightly faster than last year with an average of only 55 days on market.
The number of properties on the market continues to remain relatively high. 4,252 properties were available in September. That is 8.9 percent higher than September of last year.
“Homes are still selling quite well as you can see from the nice surge we experienced in comparison to last year. With that said, we are not seeing the same level of frenetic activity as we did this summer,” stated DMAAR President Jenn Clark. “Sellers may need to be realistic about pricing their homes. We will likely see some price reductions on homes that didn’t sell over the summer.”
836 properties or almost 71 percent of sold properties were financed conventionally. Cash purchases amounted to 13.8 percent of the sold properties. 13.4 percent of sold homes were financed with an FHA Loan.
Additional Statistics and information about the Des Moines area housing market are available at the DMAAR website, www.dmaar.com.
The Des Moines Area Association of REALTORS® is a professional association that represents the almost 2,300 REALTOR® members. The mission of DMAAR is to be the voice of real estate in the Des Moines area. The term REALTOR® is a registered trademark, which identifies real estate professionals who adhere to a strict code of ethics as members of the National Association of REALTORS®.